Legacy Reserves and Endurance Specialty Holdings Had Large Insider Purchases

Over the past week, two mid-cap companies saw their insiders spend more than $1 million in their stock. Legacy Reserves LP (NASDAQ:LGCY) witnessed the largest stock acquisition. This $1.8 billion market cap company is engaged in the acquisition and development of oil and natural gas properties mainly located in the Permian Basin, Mid-continent and Rocky Mountain regions of the United States. On Tuesday, June 17, Cary Brown, Chairman, President and CEO, and Dale Brown, Board Director, declared the (joint) purchase of 200,000 shares of 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, for $25.00 per share. Following this transaction, in which they spent $5 million, Moriah Investment Partners, an entity owned and controlled by Mr. Dale A. Brown and Mr. Cary D. Brown, holds 200,000 Series B Preferred Units.

In addition to this group, several hedge funds are betting on Legacy Reserves LP. The largest hedge fund shareholder, amongst those we track, is Alec Litowitz And Ross Laser’s Magnetar Capital, which last declared having increased its stake in the company by 80%, to 2.3 million shares, worth more tan $57 million.

Endurance Specialty Holdings Ltd. (NYSE:ENH)

The other company in this list is Endurance Specialty Holdings Ltd. (NYSE:ENH), a $2.3 billion market cap underwriter of specialty lines of personal and commercial property and casualty insurance and reinsurance. Over the past week, the company’s Chairman, Board Director and CEO, John Charman, spent $1.825 million on its stock.

Through 10 separate transactions, the insider acquired 49,559 shares of the company. 29,229 of them were 7.75% Non-Cumulative Preferred Shares (Series A), for which he paid prices ranging from $26.17 per share to $26.69 per share. The remaining 20,330 shares were Ordinary Shares, for which Mr. Charman paid prices ranging from $51.67 per share to $51.76 per share. In addition, the company’s CEO received 283,556 Ordinary Shares as a “Bona-Fide Gift.”

Following all of these transactions, John Charman owns 45,629 Series A shares indirectly (through two separate holdings), 660,638 Ordinary Shares (also indirectly, By Dragon Global Holdings Ltd.), and 589,927 shares, directly.

On top of his bullishness, several hedge fund managers have been upping their stakes at Endurance Specialty Holdings. The most bullish seems to be Ric Dillon’s Diamond Hill Capital, which increased its exposure to the company by 21% over Q1, and now holds 897,172 shares. Others boosting their participation in the company are D E Shaw and David Dreman’s Dreman Value Management.

Disclosure: Javier Hasse holds no position in any stocks mentioned

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Top 10 Jobs for 2014 by Salary Gain (Predictions)

Top 5 Digital Trends for 2014

Top 6 Things You Can Do To Increase Your Productivity

Top 9 Trending Smartphones in 2013

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!